Agent Resources

Foreclosures Up 23 Percent – But More to Come

Posted
Friday, May 2, 2008

The 2008 first quarter results are in and they do not look good. Foreclosures are up 23 percent from the first quarter in 2007. This marks record foreclosures across the nation. Now one in every 195 house holds is in some sate of foreclosure.

We are only four months into the year and already over 156,000 home owners have lost their homes to foreclosure. The real scary thing is that the foreclosure rate is not slowing down, it is actually speeding up. This means we will see more foreclosures each and every month. There were only 4 states in the nation that did not have increasing rates of foreclosure.

So where are the hardest hit areas? Nevada, California, Florida, and Arizona top the list with the largest amount of foreclosures and the trend does not look to be slowing anytime soon. One out of every 54 homes in Nevada is in a sate of foreclosure. This is amazing considering they are still one of the fastest growing cities in the nation. Many people moving to Las Vegas and other areas of Nevada are renting until they see the market bottom.

Many people are wondering if the newly passed government programs created to help stop those falling into foreclosure is helping. Despite all the effort the government has been putting into new bills and laws to help stop the foreclosure nightmare, it just does not have a chance against all the default loans. It is like sending trying to stop a freight train with one box car. The laws that are being created are taking time to create and are only helping a few home owners. They have no chance stopping the foreclosure momentum.

Even more disturbing is the fact that over 360 billion dollars worth of mortgages with adjustable interest rates is going to reset in 2008. This is only going to increase the number of foreclosures across the nation.

So what can you do if you live in Las Vegas, Stockton California, Detroit, or any other area and you are starting to loose your house to foreclosure. There is a simple and easy answer, sell your house. Now you might say, easier said than done right? Well it is in fact that easy. Even though there are not many home buyers looking for houses you still can sell your house.

The best way to sell your house if you are falling behind on payments or see the foreclosure monster coming your way is to contact a local professional home buyer. You see, there are many ways to sell houses and professional home buyers make a living from helping people sell their house, at no cost to you I might add.

Even if you owe more for your house than what it is worth, you can sell your house. Local home buyers will work with the banks to release the loans against your home and they will buy it from you, all this at no out of pocket expense. The problem is many people do not realize that professional home buyers exist, they think the only way to sell a house is through a realtor or for sale by owner, not true.

So, if you need to sell your house to stop foreclosure contact your local home buyer and receive a free offer on your house today. If you contact them today you could have an offer on your house within 48 hours. They can explain to you your home selling options and possible solutions. Then you just choose the right one for your situation.